CommBank latest to join stampede on fixed rate home loan cuts

Tom Watson

09 Apr 2019

Stampede of horses content

The Commonwealth Bank has become the latest lender to jump on the rate cut bandwagon by announcing a number of cuts to it fixed home loan rates this morning which will come into effect immediately.

CommBank made cuts of between 10 and 30 basis points to a variety of its packaged and unpackaged fixed rate loans for both owner occupiers and investors making principal and interest repayments.

Some of the major changes included:

Fixed Rate (Wealth Package) owner occupier fixed rate cuts

• 3 year fixed rate: Reduced from 3.89% to 3.79% (4.98% comparison rate*)

4 year fixed rate: Reduced from 4.19% to 4.09% (5.00% comparison rate*)

• 5 year fixed rate: Reduced from 4.39% to 4.09% (4.94% comparison rate*)

Fixed Rate (Wealth Package) investor fixed rate cuts

• 2 year fixed rate: Reduced from 3.99% to 3.89% (5.54% comparison rate*)

• 3 year fixed rate: Reduced from 4.09% to 3.99% (5.44% comparison rate*)

• 5 year fixed rate: Reduced from 4.49% to 4.39% (5.39% comparison rate*)

The cuts may be welcome news to mortgage holders looking to fix their loans, as the largest 30 basis point reduction on the Fixed Rate (Wealth Package) 5 fixed term for owner occupiers making principal and interest repayments (based on a $400,000 loan) would save customers $4,260 over the five years.

CommBank wasn’t the only lender to announce a rate reduction though, with Bendigo Bank stating that it will cut variable rates on its Express Home Loan (by 10 basis points) and Basic Home Loan (20 basis points) from April 12, 2019.

The changes mean that the Bendigo Express Home Loan variable rate will sit at 3.79% (4.09% comparison rate*) while the Basic Home Loan rate will also be 3.79% (4.07% comparison rate*).

Recent fixed rate home loan cuts

According to the Mozo database, the Commonwealth Bank is just the latest lender to reduce its fixed rate offers, with 23 other providers having made cuts to at least one fixed rate home loan since the start of March.

Some of the notable recent fixed rate changes include:

Adelaide Bank: Made cuts ranging from 5 to 41 basis to its fixed rate products.

AMP: Cut between 13 and 87 basis points from select owner occupier and investor fixed rate loans.

CommBank: Slashed fixed rates for owner occupiers and investors between 10 and 30 basis points.

loans.com.au: Introduced a new 3 year fixed rate deal of 3.59% (3.89% comparison rate*) for owner occupiers.

NAB: Reduced a range of fixed rate home loans for both owner occupiers and borrowers with cuts from 5 to 34 basis points.

Suncorp: Made changes to 5 year fixed rate terms for both owner occupiers and investors ranging from 20 to 70 basis points.  

Interested in comparing fixed rate home loans for yourself? Check out some of the great offers below, or head over to the Mozo fixed rate home loan comparison hub for even more deals.

Fixed home loan offers 2019

Rates updated daily. Advertiser disclosure.

  • UBank

    1.79% p.a.
    fixed 1 year

    2.32% p.a.

    $1234

    Product details Close details
    UHomeLoan

    Owner Occupier, Principal & Interest

    1.79% p.a.
    fixed 1 year

    2.32% p.a.

    Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.

    UHomeLoan

    Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.

    • 1.79% p.a.
      fixed 1 year

    • 2.32% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free up to $20,000 during fixed rate term

    • no

    • no

    • $0

    • 80.00%

    • $100,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $395 Establishment fee waived for fixed rate loans that settle by 30 September 2021.

    Read our Mozo Review to learn more about the UHomeLoan

    Details Close

  • Macquarie

    2.09% p.a.
    fixed 3 years

    2.32% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    2.09% p.a.
    fixed 3 years

    2.32% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Basic Home Loan

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    • 2.09% p.a.
      fixed 3 years

    • 2.32% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • 70.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Details Close

  • Virgin Money

    1.98% p.a.
    fixed 2 years

    2.66% p.a.

    $1234

    Product details Close details
    Special Offer Reward Me Fixed Rate Home Loan

    Owner Occupier, LVR <80%, 300k+

    1.98% p.a.
    fixed 2 years

    2.66% p.a.

    Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.

    Special Offer Reward Me Fixed Rate Home Loan

    Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.

    • 1.98% p.a.
      fixed 2 years

    • 2.66% p.a.

    • $450

    • $10.00 monthly

    • $350.00

    • yes - up to $10,000 per annum

    • no

    • no

    • $450

    • 80.00%

    • $300,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 cashback for new borrowings of at least $300,000, applications by 29 August 2021, settled by 26 November 2021.

    Read our Mozo Review to learn more about the Special Offer Reward Me Fixed Rate Home Loan

    Details Close

  • Hot Deal Receive $2,000 cashback when refinancing to 86 400 (T&Cs apply)

    86 400

    1.84% p.a.
    fixed 1 year

    2.63% p.a.

    $1234

    Product details Close details
    Own Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    1.84% p.a.
    fixed 1 year

    2.63% p.a.

    Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Own Home Loan

    Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    • 1.84% p.a.
      fixed 1 year

    • 2.63% p.a.

    • $250

    • $250.00 yearly

    • $0.00

    • yes - free up to $20,000 per fixed rate term

    • yes - free

    • yes

    • $250

    • 60.00%

    • -

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $2,000 cashback for eligible home loans of at least $250,000 with applications received by 30 September 2021 and settled before 31 November 2021.

    Read our Mozo Review to learn more about the Own Home Loan

    Details Close

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